sales_and_leases

Jamison Purchases Multifamily Development Site in Koreatown for $14M

by Nellie Day January 18, 2018

LOS ANGELES — Jamison has purchased a grouping of parcels at the corner of 8th Street and Harvard Boulevard in Los Angeles’ Koreatown neighborhood for $14 million. The local privately held real estate investment and operating company plans to demolish the vacant apartment and commercial buildings on the site to make way for a new multifamily development. The plot is fully entitled for 131 residential units and 4,150 square feet of retail. CBRE’s Laurie Lustig-Bower and Kamran Paydar represented the seller, Harvard 826 Property LLC, a private investor owned by Hersel Neman and Robert Neman.

January 18, 2018

California Industrial Western

Sunshine Metals Leases 68,394 SF Industrial Warehouse in Corona, California

by Nellie Day January 18, 2018

CORONA, CALIF. — Sunshine Metals has signed an eight-year lease for a 68,394-square-foot freestanding industrial warehouse in Corona. The property is located at 1228 Sherborn St. The lease is valued at $4 million. Sunshine Metals is relocating from a previous Fullerton outpost. The company chose the building based upon its upgraded amenities and ease of access throughout Southern California, as well as to the ports of Los Angeles and Long Beach that the Inland Empire provides. Chris Migliori of DAUM Commercial Real Estate Services represented the landlord, Excel Business Park, in this transaction. JLL’s Cameron Driscoll and Luke McDaniel represented Sunshine Metals.

January 18, 2018

Illinois Industrial Midwest

Illinois Tool Works Signs 102,390 SF Industrial Lease in Lockport, Illinois

by Kristin Harlow January 18, 2018

LOCKPORT, ILL. — Illinois Tool Works Inc. (ITW) has signed a 102,390-square-foot industrial lease in Lockport, 30 miles southwest of Chicago. ITW is a global manufacturer of engineered fasteners and components. The 293,872-square-foot industrial facility is located within Heritage Crossing, a 228-acre business park. H. Charles Osweiler of Nicolson Porter & List represented ITW in the lease transaction. Dan Leahy, Mark Moran and John Whitehead of NAI Hiffman represented ownership, ML Realty Partners.

January 18, 2018

Hospitality Indiana Midwest

Huff, Niehaus Brokers $4.5M Sale of Hotel Property in La Porte, Indiana

by Kristin Harlow January 18, 2018

LA PORTE, IND. — Huff, Niehaus & Associates Inc. has brokered the sale of the Best Western Plus hotel in La Porte, about 30 miles west of South Bend, for $4.5 million. The 142-room hotel also features a conference center. GDR Hospitality LLC has operated the hotel for over 10 years. The buyer, BRK Colorado Inc., intends to retain the Best Western Plus franchise and make renovations to the property. Brandt Niehaus of Huff, Niehaus & Associates brokered the transaction.

January 18, 2018

California Industrial Western

Western Realco Sells 181,069 SF Industrial Building for $32.5M in Fullerton, California

by Nellie Day January 17, 2018

FULLERTON, CALIF. — Western Realco has sold a 181,069-square-foot industrial building in Fullerton. Brad Rambo and Associates purchased the Class A property for $32.5 million. The building is located at 4150 W. Palm St. Western Realco developed the property on a speculative basis after purchasing the site from LBA in 2017 and razing a vacant 88,000-square-foot office building. CBRE’s Sean Ward, Ben Seybold and Keith Greer represented Realco, while Casey Mungo of Daum Commercial represented the buyer.

January 17, 2018

Colorado Office Western

Red Robin Renews Office Lease at Tuscany Plaza Near Denver

by Nellie Day January 17, 2018

DENVER — Red Robin International has renewed its office lease for 65,000 square feet of space at Tuscany Plaza in the Denver submarket of Greenwood Village. The plaza is located at 6312 S. Fiddler’s Green Circle. The casual dining restaurant chain has been headquartered at Tuscany Plaza since 2000. NKF’s Jim McGrath and Tom Pappas represented Red Robin in the lease renewal.

January 17, 2018

Industrial Texas

Richland Acquires 74,462 SF Industrial Property in Houston

by Taylor Williams January 17, 2018

HOUSTON — The Richland Cos. has acquired 8100 Westpark, a 74,462-square-foot industrial property situated on 3.9 acres in Houston. The property offers access to the Sam Houston Tollway and Southwest Freeway, and features 18-foot clear heights, nine rear-load, dock-high doors and semi-dock and grade-level loading bays. The property, which marks Richland’s 15th acquisition in Houston, was 100 percent leased at the time of sale to tenants such as Hoffer Furniture, Pak Man Supply and DragoArt Tattoo Supply.

January 17, 2018

Industrial Lee & Associates Texas

Lee & Associates Negotiates 49,280 SF Industrial Lease in Arlington

by Taylor Williams January 17, 2018

ARLINGTON, TEXAS — Lee & Associates has negotiated a 49,280-square-foot industrial lease at 2023 Exchange Drive in Arlington. Mark Graybill and Colton Rhodes of Lee & Associates represented the landlord, GLP, a provider of global logistics solutions, in the lease negotiations. Conrad Madsen and Greg Nelson of Paladin Partners represented the tenant, Prestige Autotech Corp. a California-based provider of automotive wheels.

January 17, 2018

2301-Renaissance-Blvd-King-of-Prussia-PA

Northeast Office Pennsylvania

Liberty Property Trust Sells 189,502 SF Office Building in Metro Philadelphia for $47M

by Amy Works January 17, 2018

KING OF PRUSSIA, PA. — Liberty Property Trust has completed the disposition of an office building located at 2301 Renaissance Blvd. in King of Prussia, a suburb of Philadelphia. M&H Properties acquired the property for $47 million. Situated on 15.5 acres within the 200-acre Renaissance Park corporate campus, the property is the home to Vertex Inc.’s corporate headquarters and features 957 parking spaces, a conference center, first-floor locker rooms with showers, multiple break-out hubs per floor and a café. Brett Segal and Doug Rodio of HFF represented the seller in the transaction.

January 17, 2018

Office Southeast Virginia

Digital Currency Company to Invest $64.8M, Establish 84,000 SF Headquarters in Virginia Beach

by Camren Skelton January 17, 2018

VIRGINIA BEACH, VA. — Bcause LLC, a privately held company that is building the world’s first full-stack cryptocurrency ecosystem, will expand its operations and move its corporate headquarters to 5465 Greenwich Road in Virginia Beach. The company will invest $64.8 million and will occupy 84,000 square feet of the former Hoffman Beverage building. Cryptocurrency is a digital asset that uses cryptography to secure transactions, control the creation of additional units and verify the transfer of assets. This type of currency, including bitcoin, is available only in digital form. The U.S. Treasury classified bitcoin as a legal, convertible, decentralized virtual currency in 2013. Bcause plans to create 100 new full-time jobs with the expansion. The new building has an additional 21,000 square feet of space available for future expansion.

January 17, 2018

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